Module 11: Bills and accounts payable
Recording supplier bills, returns, discounts, and payments.
1. Recording supplier bills
Code each bill line to the right expense or asset account and record the payable.
About 8 minutes · 3 practice sets · Pro practice
2. Paying suppliers
Record full and partial payments, avoid duplicate payments, and handle refunds.
About 8 minutes · 3 practice sets · Pro practice
3. Purchase returns and discounts
Record goods returned to suppliers and early-payment discounts under a perpetual inventory system.
About 8 minutes · 3 practice sets · Pro practice
4. Reconciling payables
Agree supplier statements and the AP subledger to the Accounts Payable control account.
About 8 minutes · 3 practice sets · Pro practice